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Terryw
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@terryw
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February 17, 2016 - 5:06 am
Cheezel, yes and yes
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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February 17, 2016 - 5:02 am
Great post Marcos.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Terryw
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@terryw
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February 15, 2016 - 1:26 pm
The ideal structure will depend on your personal circumstances and the circumstances of the properties you will be buying next. A discretionary trust in QLD may work well whereas in NSW it would cost you a small fortune in land tax each year.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 12, 2016 - 12:29 pm
Hope you made a large capital gain in that case ijc
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 11, 2016 - 5:52 pm
Work out what the taxable loss was from the property each year and multiply this by your marginal tax rate for that year. This should give you what you saved in tax approx.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 10, 2016 - 2:20 pm
1. apply for a loan with the same bank against your property. separate split, LOC best from a tax perspective. But to borrow money you will need to show income enough to service the loan
2. nope.
3. yes
4. only if you actually lodge an application. some allow valuations prior to this
5. If you can borrow enough againnst your PPOR then you could pay for the IP using these funds without the IP being mortgaged.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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Post Count: 16,213
February 10, 2016 - 1:27 am
I’ve had a 3 bedroom unit counted as a 2 bedroom because the 3rd bedroom was a converted living room. Then taking it to a different valuer it was valued as a 3 bedroom.
- This reply was modified 8 years, 9 months ago by Terryw.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 10, 2016 - 1:06 am
A trust will have a trustee, beneficiaries and property. Not sure what you mean by ‘holding company’ but a company can be appointed as trustee and/or as a beneficiary.
The income of a trust must be distributed or the trustee will pay the top marginal tax rate. If you are the trustee or director of the trustee company you can control where the income is paid to. Subject to the deed, the income could go to you or your family or to another company you control. There is no need to pay a wage.
If you own property in your own name then you would need to pay stamp duty and CGT to get it into a trust.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 9, 2016 - 2:27 pm
Depends on the circumstances. If your main residence becomes income producing the cost base will be reset to the value at that time. When you sell it will be subject to CGT, usually based on the % you rented out.
But you may be able to claim or depreciate furniture, claim a % of all costs etc. It may help you save tax, produce more income, which can then be invested and start producing compounding returns.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 9, 2016 - 2:23 pm
Trusts are legal devices and although many accountants set them up you really need a lawyer. A trust is just a relationship between various parties involving property and non lawyers cannot give advice in this regard as it is legal advice. If a non lawyer does set one up they will use a deed written by a lawyer, but you need advice to go with it.
Accountants or tax agents can give advice in relation to the tax aspects of trusts.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 9, 2016 - 2:19 pm
I can see many legal and tax issues to consider. The developer will be developing land he doesn’t own. Does this mean you will be giving your land as security?
As Tony says you may lose the main residence exemption and the CGT exemption because you are now possibly in the business of developing the property. CGT may not apply in this situation but normal tax rates may.
You need to get some detailed advice.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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February 6, 2016 - 2:21 pm
If that is the case probably not.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 6, 2016 - 1:38 pm
give them notice to vacate?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 4, 2016 - 6:38 pm
Count are a large group, so it would vary from branch to branch. They tend to be tax agents/accountants and financial planners which can be good.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 4, 2016 - 6:37 pm
Land tax is state legislation so it is completely different from state to state. I am not sure about WA off the top of my head.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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Post Count: 16,213
February 4, 2016 - 9:37 am
Great tip Steve!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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February 3, 2016 - 8:37 am
Wayne, its not the price of the property that determines land tax, but the value of the land. And it is $482,000 for 2016.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 2, 2016 - 8:43 pm
I am a lawyer based in Sydney specialising in trusts and I charge $1650 to set one up including legal advice.
I can save you some money and talk you out of using a trust by asking one question – or 2 actually:
Will you be buying in NSW? and, if so
Are you prepared to pay 1.6% per year in land tax?
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 1, 2016 - 4:58 pm
Yes 2 should be just ‘incidental costs’ and would include costs on acquisition and disposal.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
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Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terryw
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@terryw
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February 1, 2016 - 3:38 pm
Probably taxed on revenue account. GST and tax on the profit.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au